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  • 1.  How to show the PPP on an S corporation tax return or any return

    Silver Most Valuable Member
    Posted 11-28-2020 09:31 AM
    I was considering entering all expenses paid in the proper place and showing the PPP reimbursement as either
    miscellaneous income, or under other deduction.
    If we reduce each expense, like payroll, it wont agree to the W2s

    Would like your reaction or recommendations
    Thanks

    Ken

    ------------------------------
    Kenneth Zweibel
    KENNETH J. ZWEIBEL, CPA PC
    East Northport NY
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  • 2.  RE: How to show the PPP on an S corporation tax return or any return

    Bronze Most Valuable Member
    Posted 11-28-2020 09:49 AM
    I’ve been thinking of NOT adding the PPP loan but showing 100% of the expenses - them in other deductions showing a reduction of the expenses to avoid W2 and payroll number

    Sent from my iPhone




  • 3.  RE: How to show the PPP on an S corporation tax return or any return

    Platinum Most Valuable Member
    Posted 11-28-2020 06:52 PM

    I think this is the only way that makes sense . I came to the same conclusion.

     






  • 4.  RE: How to show the PPP on an S corporation tax return or any return

    Bronze Most Valuable Member
    Posted 11-29-2020 04:23 AM
    But then you could also be overstating your QBI depending on the amount of payroll and the 50% limitation.

    Vincent J. Preto, CPA
    Senior Partner
    Wagner and Zwerman LLP
    201 Old Country Road, Suite 202
    Melville, NY 11747
    631-777-1000 ext. 340

    Sent from my iPhone




  • 5.  RE: How to show the PPP on an S corporation tax return or any return

    Silver Most Valuable Member
    Posted 11-29-2020 08:02 AM
    Maybe M 1 adjustment 

    Sincerely,

    Craig J. Wild, CPA

    Wild, Maney & Resnick, LLP

    185 Froehlich Farm Blvd 

    Woodbury, NY   11797

    516-364-8888 Ext. 901

    Fax 516-364-3717

    cwild@wmrcpa.com

    www.wmrcpa.com

     

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  • 6.  RE: How to show the PPP on an S corporation tax return or any return

    Posted 11-30-2020 09:58 AM
    Does NCCPAP have any suggestions on the best way to handle the PPP loans and the corresponding expenses.  Based on the last few questions from this past weekend,  we are sure of what to do so we don't run into any problems with the IRS and for our clients





Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.